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Hai Robotics, the world's largest manufacturer of case-handling robots, has filed for an IPO in Hong Kong. The company reported a 36% increase in revenue year-on-year for the first nine months of 2025, reaching 1.26 billion yuan, despite ongoing operational losses totaling 589 million yuan. Hai Robotics faces rising liabilities and negative cash flow but aims to benefit from the growing demand for Automated Case-handling Robots (ACR), expected to grow significantly by 2030.